Managing your debt in wrong terms and not consolidating your loans can take to you falter your long-term credit goals and reputation. Your problem would be aggravated if the inefficiency in managing loans makes you bankrupt which will also worsen your credit scores. Also, you can fall prey to such imbroglio from time to time if you don’t have the knowledge for managing your financial securities. You will have to trade prudently regarding consolidating loans so that bankruptcy can be avoided to the max.
Revise and survey your own expenditure- the types, amounts and places and occasions of your expenses for example. This will help you spend on the consolidation of loans conducive of your income as well as give you a very distinct picture of where you need to cut down unnecessary expense and make your budget scrupulous and cost-effective. Also, you should make a detailed assessment for your sources of income, credit card expenses and your bank to get a statement for yourself for what part of your total income you expend on monthly basis.
Unsecured loans like your credit card transaction can prove serious for your troubled debts. Bankrate.com suggests looking for credit cards with low introductory interest rates which may help you not to reply your debts with high interest rates. Scrutiny your credit card bonds very often to discover hidden costs and uninformed change in interest plans. For keeping the safe side, pay off your balance before the change in rate takes place.
You need to choose the best loans for debt available to you for a more practical efficiency in hustle-free debt consolidation. The debt consolidation loan that you have purchased must be incurring lower interest rates on the overall transaction, then only its worth the deal. Consultation with a good credit counselor may help you in this regard who can advise according to your needs. Bankrate.com suggests to look up to banking institutions and credit unions for finding more interest-favorable loans for consolidation of debts.
You can request your creditor putting up your financial circumstances for a lessened balance as a measure for paying off the debt suitably and also the bankruptcy possibility as the negotiating tool. In case they refuse to offer settlements, you can request for lower monthly payoffs and reduced total interest rates on your loans.
Even if you are living on a tight budget, it is possible for you to save money though in little amounts. If you save money you will easily be able to handle any kinds of unexpected expenses at a later date. It is extremely important for you to follow a savings plan. This helps you not only to save money but also to avoid being in debt. If you expend money as per a proper plan, you won’t even be required to think about or try to get out of debt.
Saving money on a tight budget
In order to save money while you are on a tight budget, you will be required to:
Design budget on monthly basis – Rather than preparing a budget on a yearly or half yearly basis, it is better to design it on a monthly basis. This helps you to modify the budget as per your needs and requirements. Thus, this also helps you save money.
Practice frugal living – It is easier to save money through frugal living. Frugal living means finding out extensive ways to save money on everyday expenses. Like rather than driving all the way along from your home to the shopping arcade (if it is situated at a walk able distance), you can walk to the place. This will help you save smart money on gasoline.
Set aside money at the beginning of the month – It is better to set aside money you want to save at the beginning of the month after the payday. It is better for you to design the budget based on the money left in our hands.
Prioritize your needs – In order to make things easier, it is better to prioritize the needs. For example, if you think that you will be able to do without a particular item this month, it would be better for you to avoid buying that item. Rather, out the money into your savings account.
Stop using credit cards – It is better to stop using the credit cards. Rather use cash to buy items that you need. This will help you save money in the long run.
If you follow the above, you may be able to save money even if you are living on a tight budget.
We all want to work hard and earn money so that we can spend a retired life that is free of any kind of financial woes. They say that the retirement years are also known as ‘golden years’ and who would want debts to mar their post-retirement life? Though most people wish to live a debt free retired life, very few are actually able to do so. Debts can have a terrible impact on the people who especially live on fixed income and therefore no amount of debt elimination efforts can help you live off the cycle of high interest debt if you don’t take certain steps ahead of time. Most people don’t take retirement seriously and that is why they spend more time planning their vacations than their retired years. Have a look at some important financial steps that you need to take when you want to live a debt free retired life.
Keep a goal and start saving money: If you’ve already inculcated the habit of saving money for your retirement or for some other goal, keep going but if you haven’t, you should make sure that you do so as soon as possible. Saving money is a rewarding habit and therefore make sure you save at least 10% of what you make in a month so that you have enough money that can be used during a financial emergency whether before or after retirement. Try your best to avoid taking out loans as this will always mean repaying with the interest rates.
Assess your retirement needs: We all know that retirement is expensive and most of the experts are of the opinion that 80% of your pre-retirement income goes towards paying all your retirement needs. You should immediately take charge of your financial future so that you can secure your retired life in the long run and live a tension free life with your kids and grandchildren.
Consider the basic investment strategies: If you want to boost your income level so that you have enough money to repay your debts on your own, you should consider the basic investment principles so that you’re able to earn more and use them in repaying your debt obligations. Make sure you always have an investment broker by your side so that you don’t take unnecessary wrong decisions that can take a toll on your finances.
Save money in your workplace retirement fund: If your employer offers you a retirement fund and you’re still not contributing money to this fund, you’re probably making a huge blunder. You just have to make sure that you save at least a portion of what you earn in your retirement fund so that you can get the tax benefits in the long run. You should not withdraw money from this account anytime as this will deprive you of all the actual benefits that you may get in the long run.
Therefore, when you’re interested in leading a happy debt free retired life, you have to follow certain financial steps since when you’re earning money. Don’t rely too much on the debt consolidation and the debt management firms as you may end up losing a huge amount of money in the long run.
A lump sum of money was all I had left after liquidating a revenue property (banks grrr...) Rather than let it melt away i bought silver bullion and silver maple leafs. Even though times get tight I leave it alone. My money s worth more now. Check out Gerald Celente and Max Keiser.
Seeing a live show is always a thrill especially when it is an artist you have long admired! For me recently it is Dolly Parton, I knew she was going to do a tour but the last I had heard the show was about 6 hours away and had to be purchased in a ticket package for several other shows. Regardless a plane ticket and a bunch of tickets I didn't want wasn't in my finance cards, so I longed for the day I would be able to see Dolly live!
Only a few days ago I received an email from a deal site that offered none other than tickets for Dolly in my area at a discounted price! I wanted to jump on the deal but my husband took a couple more minutes and went directly to the venue and found an even better deal. So what should have been a $56 ticket was only a mere $22. One deal might be good but there might be an even better one and it doesn't hurt to keep looking. So before you spend all the money you make working 9 to 5, see if you can buy your tickets from a coupon site or another even site like Goldstar that offers discounted events for smaller events.
Hello my frugal friends, As an American studying in Geneva, Switzerland, I am stuggling to survive. The sticker shock I experienced here was worse than any city I've ever travelled to. ie. ONE school book costs more than an entire class at Penn State. Not kidding. So what does that have to say about the cost of rent, food and leisure?...lets not even talk about it.
One thing that I've turned to in order to cut down the cost of living is handwashing anything I can. This includes undies, bras, shirts and workout clothes. (I leave jeans, sheets and towels to the expert...the machine)
Its really, really easy! I use my sink and fill it up with warm water, add the detergent and clothes and let the garments soak for about 5 min. I massage the clothes around a bit, rub out any stains and voila! Hang dry.
The other option is to take your clothes into the shower with you. Squirt some shampoo on your head and while you're at it, add some to your clothes because shampoo works just as well! This is great for multitaskers!
Not only is this WAY better for the lifespan of my clothes, but its free! (besides the cost of detergent) It also fills my room with nice fresh smells.
I just read about sites where people will sell their gift cards for a discounted amount on Get Rich Slowly. This seems like a great idea but also one that can easily get out of hand where you might spend money on gift cards since they are discounted but necessarily what you need! I was thinking it might be great to have a cinema gift card for this summer's movie and maybe even try to save a little money on the CB2 daybed I have been eyeing but I am a little leery. Have you tried sites like Gift Card Granny?
This is a credit report horror story and I don't imagine it has happened to many but I hope it will inspire everyone to check their credit report frequently! A little background, I have always been very financially responsible by that I mean, I never carry a balance on my credit card, I paid off a brand new car in a year and the only debt I have is a student loan. I even started monitoring my credit more than two years ago since I was planning on buying a home. A couple months after buying my first home, I noticed I was getting a ton of emails from the credit monitoring service which I had actually debated on canceling, boy I am glad I didn't! All of these notices were for new credit cards that were appearing on my one of my credit reports. All of these were cards that I never signed up for but the strangest thing some of them went back to before I ever even had a credit card.
After much researching and many hours on the phone, I found out that someone had been fraudulently using my social security to obtain credit for more than 15 years but for whatever reason none of these ever showed up on my actual credit report until much later. The person had a similar first name but completely different last name and was born 8 years before me. At one point my credit report even starting uses the wrong name and birthdate. Luckily I was able to clear it all up but it took many hours, several phone calls and a ton of paper work to get my credit back to where it was just months earlier.
So my advice is check your credit you can sign up for a lot of different services like Truecredit and there is a website Annual Credit Report where you can get your report for free, so no excuses. If you see discrepancies on your credit report take action immediately, you can also set up a fraud alert on your account, so no new credit can be opened without your approval. It lasts for about 90 days and can be extended. I also found the Federal Trade Commission's site to be pretty helpful especially laying out the steps to get this cleared up! So while you are doing all of your spring cleaning, be sure to check your credit too!